The Reverse Mortgage is a special mortgage designed for persons who have retired and need an income. It is a fixed amount advanced monthly to elderly applicants for up to 5 years (renewable) using the residence as security.
The maximum loan ratio is 50% of the market value of the security; while the loan term is 1-5 years, and is renewable.
Total advances plus interest is repaid at the end of the period or the loan can be re-negotiated for an extended period. Younger persons can be named as beneficiary(ies), or as guarantor(s) for repayment of loan.
Share and Enjoy
- Up to $200,000 free content insurance from JNGI
- Free ATM use at all Multilink ATM and POS terminals
- 20% Discount on membership fees from JAA
- 5% Discount on Motor Insurance from JNGI
- Discounts from local and international hotels, spas, stores and other merchants
- Photocopy of Certificate of Title
- Valuation Report on property done by JN approved Valuer
- Proof of Age (Passport, Driver's Licence, Birth Certificate or National ID)
- Commissioned Land Surveyor's Identification Report
- Up-to-date Property Tax Certificate
- Written confirmation of existing loan(s)
- Tax Registration Numbers (TRN)